Project REACh, an initiative of the Office of the Comptroller of the Currency (OCC), has released a Depository Institution (MDI) Pledge. In announcing the program, “Acting Comptroller of the Currency Brian P. Brooks encouraged all large and midsize banks to consider the pledge to develop meaningful partnerships with MDIs to help them remain a vibrant part of the economic landscape and better promote fair, equal, and full access to financial products and services in their communities.” Several banks have already signed on to the pledge.
Project REACh is one of many initiatives in the public and private sectors to bring millions of un- or under-banked consumers into the financial mainstream. CDIA and our members passionately embrace the need for greater financial inclusion, which is why CDIA and our members are working hard towards bringing more data, often called alternative data, into credit reports. It’s why our members are finding new and innovative analytics to open more doors for more consumers. When it comes to financial inclusion, we cannot move fast enough or far enough.
Eric J. Ellman is Senior Vice President for Public Policy and Legal Affairs at the Consumer Data Industry Association (CDIA) in Washington, DC. He also served for eight months as Interim President and CEO of the Association. More